Hot Rhode Island Real Estate Market?

Block Island by Karen Hurst

 There are market reports everywhere and I as well as everyone else am getting blurry eyed reading them. Everyone, from the National Association of Realtors to millions of Real Estate Companies across America has an opinion.

What you need to keep in mind is that Real Estate is local and that it changes from month to month.

I just read a market report about Warwick, Rhode Island. It clearly stated that in June 2017, homes were selling at above rates of June 2016.  Okay, that sounds good, but if you get past the headlines, you will see that it goes on to say that home sales in warwick RI have dropped from May 2017, while still being higher than last years June total, they are lower than this Mays total!

As a Realtor in Rhode Island that works full time (and more), I can see the subtle changes going on in the market. It also helps that I like to spend endless hours poring over data!   So I am going to make a hesitant prediction! Hesitant, because so many variables drive this market, but I am confident in my own research as well.

I see July and August also on a lower end from May sales.  I am speaking of Rhode Island, not any where else.   In September and October, there will be a slight upswing and then the market will level out until next Spring.   What happens next spring is way too early to predict!  

So, if you want to buy, then in the next couple of months it will be a close proximity to a buyers market.  Certainly not like what we have seen over the past five years or so, but a definite change from a sellers market that is now in progress.

Everyone knows as its been blasted all over...Now is the time to sell!  Multiple offers on your home!!  Yes this does happen. However, everyone thinking about selling during this last Real Estate crisis, are now listing their homes.  Sooner or later demand and supply will level. Days on market is the best indicator of prices starting to level off.

Happy Selling and Happy Hunting!

It’s Official: No New Hard-Wiring Requirements for Existing Homes#.UPbV6txKI08.facebook

It’s Official: No New Hard-Wiring Requirements for Existing Homes#.UPbV6txKI08.facebook

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Oakland Beach Fireworks tonight at Dusk Saturday July 30th

At the Seawall saturday at Dusk at Oakland Beach, will be this years fireworks display.

St Ritas Festival!

New Rules for First-Time Home Buyers

New Rules for First-Time Home Buyers This article from Smartmoney is a must read for those of you wanting to buy your first home. Save your money because larger down payments are going to be required.

MARS, and Hardest hit in Rhode Island programs you need to be aware of.

This is a quick post for those of you out there floundering in all the big foreclosure and short sale mess.
First, this website will let you know the new RULES regarding everyone involved in Short Sales, the Realtors, Attorneys, etc and what they can and can not do.   You need to be aware that not all providers know what they are doing.  http://business.ftc.gov/documents/bus76-mortgage-assistance-relief-services-rule

Second, if you live in Rhode Island and have not managed to get your mortgage loan modified, and feel you have a legitimate reason for being behind on payments, be sure to use a HUD approved counselor. Here is the page for Rhode Islands' hardest hit. Names, numbers, faqs....all are here. Don't wait until it's too late.
http://www.hhfri.org/HHFRI_Default.aspx?id=10737418257&ekmensel=c580fa7b_10737418238_10737418239_btnlink

HUD HOME new on Market! Only $85,000!!!

HUD Home # 451-068996

Needs work

Great opportunity to own in Warwick, RI!

This home has a lot of potential. A large attic can be expanded to be another bedroom.

This home is FHA insured and qualifies for 203K Rehab loan.

Home is sold as is, and is available to owner occupants up to 2/12/2011

For further details see www.hudhomestore.com

To see a tour of this home, click here

Karen Hurst is the Neighborhood Listing Broker (NLB) for Hud Homes

Seasons Greetings from Stonehurst Realty

~Wishing all my Family, Friends, Clients and neighbors a Wonderful Holiday Season~

See you in January. It's definitely time to buy your new home before the mortgage rates get any higher!  And if you are thinking of selling, there are buyers out there.

Foreclosure halts across the nation

If you are reading all the news about banks halting foreclosures across the nation due to what they call "robo-signing", you may be wondering how this affects Rhode Island foreclosures. Rhode Island is a non-judicial foreclosure state. This means that these problems will NOT affect Rhode Island foreclosures.  The 23 states that are affected are Judicial states.

UPDATED 10/08/2010

All 50 states are now being affected by BOFA and some others.
This should "not" affect short sales.

Oakland Beach Fireworks Warwick RI

Saturday Night at the Seawall at Dusk!!

Get there early for a good spot, and stop at Iggy's or the Carousel for some great food

Happy Independence Day Warwick

Investors!! Lowest priced MULTI FAMILY in West Warwick!!!

Brand new price!  This is,  as of right now,  the lowest priced multifamily home in all of West Warwick, Coventry and Warwick!! You cannot go wrong.  This must be a Cash or 203K rehab loan due to work needed. First apartment is two beds and both apartments have a rear backyard with plenty of parking and a deck. Don't be fooled by the front of the house, take a look from the rear. This would be a great rental property after you fix it up! Offered at the amazing price of $85,000!!! Must have proof of funds with offer. Property is AS IS and bank owned.    Email Karenhurst at rihome.net for a showing.

Does length of unemployment indicate the real estate sectors health?

I have always thought that the job market had a direct relationship to the Real Estate market. Below is an article that backs up my opinion. Rhode Island is once again near the top!!! (and as usual, not in a good way)

We need jobs to encourage this economy and not minimum wage jobs but good paying jobs!

The banks are now looking at potential home buyers with so much scrutiny, that it is making it nearly impossible to get a mortgage.  There are a large percentage of Rhode Islanders' that are either going through, or have just gone through a short sale or a foreclosure!  These people will not be able to buy at least for 3 years! 

The few that can afford to actually make a mortgage payment and still continue to exist need to know that they will be getting periodic raises and have some kind of security regarding their place in the job market.in Rhode Island

I am just a Realtor in Rhode Island. I do not know the answers on what to do about the job market. I do know that most of the industry in Rhode Island has disappeared. We are now a hospitality state, which would be great if the beaches remained open during the summer, at least.

Here is the article
Does length of unemployment indicate the real estate sector’s health?

Meanwhile, I am here to help people find homes. Rhode Island has the potential to be one of the nicest states around!

Photo by Karen Hurst of former Rocky Point

Memorial Day

I do not think that the phrase "Happy Memorial Day" is appropriate. This is the day we honor the soldiers who fought and died for our freedom.  It is not a happy day. It is a sad, yet proud day.

My dad fought in World War II. He still has horrible memories and he lost his brother during the war in the Fiji islands. Yes my uncle received a Purple Heart for his bravery. Of course, I never got to meet him.

So to my uncle Robert Cole and my dad George Cole, and all the soldiers whether dead or alive, fighting now or years ago, thankyou for fighting for my freedom!


Peace to all on Memorial Day!

OPEN HOUSE - COLONIAL - WARWICK RI - $200,000!!

Step back in time...Well maintained four bed colonial, perfect for large family. Enjoy the private backyard, or long summer nights on the enclosed porch. Beautiful original woodwork, moldings, pocket doors, and fireplace. Open Sunday 5/16 from noon till 2pm. 49 Barton Ave., Warwick, RI. Call for details: Sue Breslin, Stonehurst Realty 401-480-4137

Freddie Urges 12-Month Forbearance in Flood Areas

This is on an individual basis. You can find the article here.

HUD Redefines "Foreclosed" to Include 60-Day Delinquencies

HUD Redefines "Foreclosed" to Include 60-Day Delinquencies


HUD has announced that it's changing how it defines foreclosed to include properties in default and abandoned with lingering code violations. Effective immediately, HUD is classifying any property that is at least 60 days behind on the mortgage or the property owner is 90 days or more delinquent on tax payments as a "foreclosed" home.



In addition, HUD is expanding the definition of an "abandoned" property to include homes where no mortgage or tax payments have been made by the property owner for at least 90 days or a code enforcement inspection has determined that the property is not habitable and the owner has taken no corrective actions within 90 days of notification of the deficiencies.



HUD officials say the new definitions will help communities acquire, rehabilitate, and re-sell foreclosed and abandoned properties more quickly under the Neighborhood Stabilization Program (NSP) and help prevent further decline in hard-hit neighborhoods.

Also, the FHA has a moratorium in RI for three months on foreclosures due to the flooding.



Source DS News

Great Opportunity and Open House!! Withdrawn from Market

Just in time for the $8000 tax credit!

 There will be an open house at 71 Lowell Street, West Warwick RI on Sunday March 14th from 1pm to 3pm.

This house is an incredible opportunity at a newly reduced price of  $151900!

Yes it needs some work, but the basics are all there.
It needs painting, a few new doors inside and general updating. Nothing major.  It boasts vinyl siding, newer windows and roof. 

This is your chance to get a nice ranch on a corner lot in a quiet neighborhood for a very reasonable price!

email me with any questions karenhurst @ rihome.net        Realtors see mls # 959459    See you on Sunday!!

Multi family West Warwick RI $109,950 Bank Owned Needs Work

Important if you are planning on buying a home. FHA new guidelines

The FHA has announced policy changes that will affect you, the buyer. These changes are not expected to take effect until the spring or early summer.

Some of the highlights
1) Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending. The first steps will include raising the upfront MIP to 2.25% and secondary steps will involve shifting some of the increase to the annual MIP. An official mortgagee letter on this particular guideline is scheduled to be released tomorrow.

This is for buyers without enough down payment. You will now be required to pay more upfront (however, I believe you may still be able to wrap it into your new mortgage(

2) Update the combination of FICO scores and down payments for new borrowers. New borrowers with less than a 580 FICO score will be required to put down at least 10%.


This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.


3) Reduce allowable seller concessions from 6% to 3%.  (for instance a seller may concede to pay for closing costs where before you could ask for up to 6% of the price, now you will only be able to ask for 3%)


This change will be posted in the Federal Register in February and, after a notice and comment period, would go into effect in the early summer.


 4.) Increase enforcement on FHA lenders.

FHA is the Federal Housing Administration


Here is a link to the press release if you would like to read it yourself.

Bottom line...buy your new home before the April 30th cutoff for the tax credit and try to get it all done before these changes take place!

Fannie Mae First Look program and how it will affect you

Fannie Mae is changing its former Homepath program. The new program, dubbed, "First Look" appears as if it will be very beneficial to First time and owner occupant buyers.  There is going to be a 15 day period where only owner occupants will have a chance to get in on the ground floor.

This is actually "great news" for first time buyers and owner occupant buyers. This program is somewhat similar to the HUD program which gives owner occupants a 10 day running start.

In my experience, many owner occupants have been "outbid" or even underbid by investors with Cash. The listing Banks preferred to take the cash instead of waiting out the the possibilites of the owner occupant getting a mortgage.

With this new Fannie Mae First Look program coming up in 2010, if you are going to occupy the home yourself and even if you need a mortgage to do so, you will now have the first shot!

Here is the link to the Media announcement from Fannie Mae to learn more about this program.

Keep tuned to this Rhode Island Real Estate blog to find out more, as it happens!